What Are The Best Student Loan Consolidation Companies

What are the best student loan consolidation companies is perhaps the wrong question to ask. A better way to look into this topic would be to ask, what are the best student loan consolidation options for my specific situation?

First, you have to determine what type of student loans you are considering consolidating. Federal student loans need to be consolidated together, and private student loans need to be consolidated together. Never EVER consolidate your federal student loans and your private student loans into a private consolidation loan. Federal student loans must be consolidated into a federal consolidation loan for you to retain all of your federal student loan benefits.

Second, the best student loan consolidation companies for federal student loans are not really companies at all. Your best student loan consolidation option for federal student loans is The US Department of Education’s Federal Direct Loan Consolidation program. If you have federal student loans to consolidate, you will want to start by reviewing your options within The US Department of Education’s Federal Direct Loan Consolidation program.

Third, if you have private student loans to consolidate, the best student loan consolidation companies for you are going to be those companies that offer you the best terms and rates for your specific situation. Private consolidation loans will be based on the borrowers credit profile, so a good deal on a private consolidation loan for one individual, may not be a good deal for another individual.

Lastly, student loan consolidation requires some serious consideration, and is not something that should be rushed into. You need to fully understand how the pros and cons of student loan consolidation will affect you and your financial situation before you consolidate.